Tech startup-backed Indonesian lenders rush to raise capital to meet OJK deadline

Tech startup-backed Indonesian lenders rush to raise capital to meet OJK deadline

Photo: REUTERS/Garry Lotulung

As the deadline to meet core capital requirements looms, Indonesia’s tech startup and fintech-backed banks are gathering additional funds to reach the 3 trillion rupiah ($191 million) level by the year-end as prescribed by the financial services authority OJK.

Funding Societies-backed Bank Index Selindo, Akulaku-backed Bank Neo Commerce and Investree-backed Bank Amar have put in place plans to raise capital from both existing and new shareholders.

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